Clariant lower on convertible bond offer

LONDON (MarketWatch) -- Shares of Swiss chemicals group Clariant
CLN, -0.26%
dropped close to 6% as the company announced a 225 million franc convertible bond. The bonds will be convertible into approximately 29 million shares, or 12.6% of Clariant's outstanding share capital. The bonds are expected to carry a coupon of between 3% and 3.50% per annum payable semi-annually and the conversion price is expected to be set at a premium of between 25% and 30% to the volume weighted average price of the shares from launch to pricing. Clariant says it's looking to optimize its debt maturity profile.

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